Retention And Limits Clause
Provision in almost all excess of loss reinsurance contracts under which payment is made by a re insurer of each and every loss incurred by the cedent in excess of a specified sum, up to a fixed limit. Under this clause, there is no restriction on the number of claims that may be recovered by the cedent under the contract for any one event. The only stipulation is that each claim must arise as a result of the event in question.
Popular Insurance Terms
Type of guaranteed investment contract in which funds for the contract are placed in the insurance company's separate account. ...
Legislation that provided temporary rules for implementing the employee retirement income security act of 1974 (erisa). ...
Effort by an individual to continue to receive disability income benefits by taking a continuing sickness or injury. ...
Stealing small amounts of property. Insurance coverage is available under a number of policies. ...
Return of a percentage of premium paid by a business firm if its loss record is better than the amount loaded into the basic premium. ...
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